Luke

I sold ASML completely and shifted proceeds to nintendo, its just better value and i think can beat asml IRR wise, bought at 395 euros and sold at 620 euros a share

Added to prosus and tencent, the quarter was really decent, management is stellar and runway+tailwinds are huge. very bullish

i dont have positions bigger than 20% and only with very high conviction, Nintendo i want to make 5-10%

Added to Nintendo

Bought more BN, now 4% of my portfolio

I also added heavily to TSMC the last few weeks

I bought some more BN for both my portfolios

Tiny starter in BN, prefer the mothership.

Have a look at all the fraudulent research, replication crisis, shit research in neuroimaging...

Two businesses that i thought were interesting are LEGO and Rolex, both in private hands. Both strong brands with pricing power, sad we cant have access to it. Rolex embedded in a foundation.

They grew revenues the past 5 years yes but it still trades at almost 20x net income. Not a bargain.

1.5b marketcap, 80b net income, soft drinks? Doesnt look exciting on a first glance. Whats the thesis?

Which names would you throw in?

Does anybody have a good overview of whats in their 15b equity portfolio outside of 13Fs, i have been trying to find some more information on it

@GregmalHow big is your nintendo position now?

Yeah probably, i still hope we will know a bit more about it

Yeah, its so exhausting whenever i read J P Morgan expect -20% by end of year or Goldmann sees upside there. Dont overpay for a great moaty business with a long runway and let it sit, end.

Mega excited for berkshire annual letter. I hope to catch some news about TSMC. Tomorrow we can read it whoohoooo!!!

Thanks for sharing!

Bloomstran is very very pessimistic about the big tech stocks, i find his amazon/alphabet valuations lacking detail and ignoring a lot of perspectives. Fair enough though that it is in his ,,too hard pile,,. He trashes about whats going on at meta but we can also trash about his disney holdings which isnt a company with spectacular management in the last years.

If i look at his valuation and look at berkshires valuation, how it is known as a safe heaven, at current valuation something between 7-10% seems reasonable as a CAGR for the next 10 years. Its not a bargain but a very safe investment without spectacular but quite safe returns.

Bloomstran 2022 letter is out.

Recently found some nice paragraphs of him about paramount, he posted it on twitter, explained a bit also why berkshire could have a position.

Well said. Thats at least high teens of billions of earnings not accounted for in berkshire. I dont know what the average PE of berkshires equity portfolio is, i guess something between 15-25. 300b of value, something between 15-20b. We cant know which positions are there not visible and what PE. That gives you an extra of up to 200b of marketcap value if you give it something like a 10x multiple which is low for the quality those businesses have. And i think this equity portfolio will compound at least 7% per annum, so 600b worth of an equity portfolio in 2032.

Did you include the investment income from the equity portfolio that is not accounted for due to no dividends etc? All these businesses earn a decent amount every year, 7b Portfolio. Wouldnt be surprised if this portfolio compounds at 7% and will double in 10 years at least. Compared to fairfax, the portfolio is bigger, isnt it.